Bankers Value Reliance Jio at Up to $170 Billion Amid Strong Growth Prospects

Reliance Jio May Target $170 Billion Valuation Ahead of Landmark IPO in 2026

In what could become one of India’s most anticipated and record-setting listings, investment bankers are estimating Reliance Jio Platforms Ltd. could be valued as high as $170 billion ahead of its planned initial public offering (IPO). The potential valuation would make Jio one of the top three most valuable companies in India, surpassing telecom rival Bharti Airtel Ltd., and placing it just behind its parent company, Reliance Industries Ltd. (RIL).

Jio’s IPO Could Be India’s Largest-Ever Listing

According to sources familiar with the discussions, investment bankers have proposed a valuation range between $130 billion and $170 billion for Jio Platforms as they begin early preparations for what could become India’s biggest-ever public share sale.

If finalized, this IPO would mark Reliance Industries’ first major unit listing since Reliance Petroleum Ltd. in 2006, underscoring Mukesh Ambani’s continued focus on unlocking value across the conglomerate’s diverse portfolio.

At the upper end of the proposed valuation, Jio’s market capitalization would surpass that of Bharti Airtel, currently valued at around ₹12.7 lakh crore ($143 billion), and would position it just behind Reliance Industries, which boasts a market capitalization of about ₹20 lakh crore.

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Mukesh Ambani Eyes First-Half 2026 for Jio Listing

Reliance Chairman Mukesh Ambani, Asia’s richest individual, has been hinting at a Jio listing for several years, with the process now gaining momentum. In August 2025, Ambani publicly stated that the Jio IPO is likely to take place in the first half of 2026, after several rounds of regulatory and financial preparations.

The listing has been long anticipated, especially since 2019, when Ambani first signaled the group’s intent to unlock shareholder value through Jio’s public debut.

In 2020, Jio attracted global attention after Meta Platforms Inc. and Alphabet Inc. (Google) invested over $10 billion combined into the company, bolstering its digital and telecom infrastructure and cementing its position as India’s largest telecom operator.

Bankers Weigh Record Valuation Scenarios

Bankers and advisors are still in active discussions regarding the potential size and structure of the Jio IPO. According to early estimates, the IPO could initially raise around $4 billion to $4.3 billion, depending on the final valuation and regulatory requirements.

Earlier, the offering was expected to raise more than $6 billion, which would have surpassed Hyundai Motor India Ltd.’s $3.3 billion IPO in 2024, the country’s largest so far.

However, the revised Securities and Exchange Board of India (SEBI) regulations now require companies with a post-listing market capitalization above ₹5 lakh crore to sell at least ₹15,000 crore worth of shares — equivalent to a 2.5% stake dilution.

If Jio achieves the top-end valuation of $170 billion, the offering would still rank among India’s most valuable IPOs, though the total fundraising amount may be slightly lower than earlier projections.

Jio’s Subscriber Base and Financial Performance Remain Robust

Jio’s operational strength continues to underpin its market appeal. As of September 2025, the company reported a subscriber base of around 506 million users, maintaining its position as India’s largest telecom operator.

Its average revenue per user (ARPU) stood at ₹211.4 during the September quarter, reflecting healthy growth amid increasing data consumption and higher 5G adoption rates.

By comparison, Bharti Airtel, its closest competitor, reported a subscriber base of around 450 million users with a higher ARPU of ₹256, driven by its premium postpaid and enterprise segments.

Despite this, analysts note that Jio’s expansive reach, diversified digital services ecosystem, and cost efficiencies continue to give it a formidable competitive edge in the long term.

Jio’s IPO Could Redefine India’s Capital Markets

A successful Jio IPO would not only set a new benchmark for India’s telecom sector but could also reshape the country’s capital markets, attracting unprecedented domestic and international investor interest.

With its digital-first approach, extensive 5G infrastructure, and strong backing from global investors, Jio is viewed as a potential bellwether for India’s next phase of growth in the technology and telecom sectors.

Analysts believe a Jio listing could unlock significant value for Reliance Industries shareholders, providing greater transparency and fueling future capital expansion in both its digital and retail arms.

“A $170 billion valuation would make Jio one of India’s crown jewels, reflecting both its market dominance and growth potential across telecom, data, and digital ecosystems,” said a senior investment banker involved in the early discussions.

Reliance’s Vision: Unlocking Value Across Businesses

The potential Jio IPO also aligns with Mukesh Ambani’s broader strategy to unlock value through listings of Reliance’s key subsidiaries, including Reliance Retail Ventures and Jio Platforms.

In recent years, Reliance has systematically transformed itself from a traditional energy and petrochemicals company into a diversified technology-driven conglomerate, encompassing telecom, e-commerce, green energy, and financial services.

The Jio IPO is expected to be followed by future listings of Reliance’s retail and new energy businesses, as the group continues to position itself at the forefront of India’s next economic transformation.

Conclusion

As Reliance Jio edges closer to its long-awaited public debut, the proposed $170 billion valuation underscores both its strategic significance and investor confidence in India’s digital future.

If successful, the IPO could catapult Jio into the league of India’s most valuable listed entities — a testament to the scale and vision of Mukesh Ambani’s Reliance empire.

While the final details are still under discussion, one thing is clear: Jio’s upcoming listing could redefine India’s corporate landscape and set new records in the country’s IPO history.

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